The Union Government of India, in collaboration
with the Asian Development Bank (ADB), has finalized a $23 million loan
agreement aimed at bolstering the fintech landscape within the country. The agreement targets the enhancement of
access to quality fintech education and innovation, particularly within the
Gujarat International Finance Tec-City (GIFT-City).
The Central Government of India and the Asian
Development Bank (ADB) officially sealed the $23 million loan agreement at
the Gujarat International Finance Tec-City. The primary objective of this agreement is to fortify the fintech
ecosystem across India.
Under this agreement, the Ministry of Finance will
spearhead the establishment of an International Fintech Institute
(IFI). The IFI’s core focus
will be on strengthening fintech education, amplifying start-up success rates,
and fostering fintech research and innovation.
These
initiatives are anticipated to catalyze employment opportunities, enhance
workforce competitiveness, and drive productivity in new and green
technologies.